Saskatchewan Credit Counselling: Get Help With Debt & Get Peace Of Mind
If you’re struggling with debt in Saskatchewan, credit counselling may be the answer you need.
It can be hard to get out of debt on your own, particularly if you do not have a lot of experience in money management and budgeting.
Tired of making only minimum payments while watching your credit card balances grow?
Need Help Reviewing Your Financial Situation?
Contact a Licensed Trustee for a Free Debt Relief Evaluation
Worried about foreclosure, or car repossession due to late car payments?
At Bankruptcy Canada, we’re here to help.
We offer professional Saskatchewan credit counselling services that will ensure that you can pay your debt off for good, and work toward a better financial future for you and your family.
Read on, and learn more about what we can do for you.
Learn How To Get Out Of Debt With Credit Counselling In Saskatchewan
Only about 49% of Canadians report having a household budget, and if you’ve never budgeted your money or created a personal financial plan before, the process can seem very intimidating.
Healthy financial habits are the key to paying off your debts and avoiding debt in the future.
And our team of experienced Saskatchewan credit counsellors is here to help.
We can assist you in:
- Creating a household budget – A personal budget is an invaluable tool. By tracking each dollar you make, as well as each dollar you spend (and how you spend it) you can take control of your finances, and get a clear picture of your personal financial situation. Using this information, you and your credit counsellor can develop a budget that works for you and your family.
- Identifying areas where you can cut back – Budgeting is key for identifying areas where you can save money by cutting back on non-essential purchases. Even small changes like packing lunch instead of going out to eat 3 times a week could save you thousands of dollars per year.
- Prioritizing high-interest debts – Using the “debt avalanche” method, you can prioritize debts with the highest interest rates and pay them down first. This will reduce the amount you spend on interest as you begin to pay down your debts.
- Avoiding financial habits that may lead to future debt – As you work with your counsellor to get out of debt and improve your finances, you’ll learn how to avoid bad financial habits that lead to more debt, such as only making minimum payments on credit cards, or taking out high-interest payday loans/cash advances.
With these simple steps, our Saskatchewan credit counselling services can help you take control of your finances, face down your debt, and develop a plan for repayment.
Find Great Loan Terms For Debt Consolidation Loans
The way it works is simple.
With the help of a credit counsellor, you can get a bank loan for a lump sum, which is used to repay all debt like credit cards, lines of credit, and personal bank loans.
Then, you repay the lender with a fixed monthly payment based on your loan terms.
Depending on your credit score, you may be able to save thousands by eliminating high-interest credit card debt.
The process of repaying your debt will also be simpler, as you’ll only have a single monthly bill to worry about paying.
Negotiate Better Terms With Creditors & Streamline Repayment
A debt management plan may be an option if you are struggling to cover the costs of your debts, and can’t make your minimum monthly payments even with proper budgeting.
In this plan, your credit counsellor will contact your various creditors, and negotiate a more favourable repayment period for your debts.
In some cases, the amount you have to pay may even be reduced.
Usually, this plan will last between 3-5 years.
Stop Debt Collection Calls & Letters For Good
The stress and embarrassment of having bills sent to collections can negatively affect your day-to-day life and your sense of self-worth.
Constantly being hounded by debt collectors for bills that you can’t afford is stressful, and can even cause mental health issues.
Debt is known to contribute to anxiety and depression, and it’s been estimated that 1 in 2 of adults who are in debt have a mental health problem, and 50% of Canadians say that their debt is “causing them stress.”
With the help of a credit counsellor from Bankruptcy Canada, you’ll be able to pay off the debts you owe to debt collection agencies, and avoid defaulting on future loans.
In turn, this means you won’t have to worry about threatening phone calls and letters from debt collection agencies.
Explore Consumer Proposals & Bankruptcy Options
We can explore these legal actions, and determine if either one of them may be right for your situation.
Consumer proposals are structured repayment agreements that are administered by a Licensed Insolvency Trustee (LIT).
In a plan that lasts no more than 5 years, you will repay all of your creditors by paying the trustee directly.
The trustee, in turn, will distribute the money to your creditors based on your consumer proposal plan.
Bankruptcy may also be a good option if you are unable to have your debts discharged or repay them by any other means.
Your outstanding debts will be discharged, and you will work with a Licensed Insolvency Trustee to sell some of your assets, and repay your creditors.
Let Us Guide You As You Rebuild Your Financial Future
If you’ve decided that you want to get out of debt in Saskatchewan, credit counselling might be what you need to take control of your financial future.
So don’t wait.
Contact us now to schedule a free, no-commitment consultation, and get the guidance and support you need to live a debt-free life.